Expense gyan to the director :D


Yesterday I spent an hour with the director who wanted to know about the way I manage my expenses. A few hours after the session I bumped into her and she told me that she had downloaded the app, done the initial setup and recorded her first transaction in less than 15 minutes.

It was a satisfying outcome but what bought a smile was the thought that I could go on for an hour and keep a director engaged on something that was essentially a five minute job :D

But apart from that it was a very satisfying discussion for me too. I guess this for the first I had such a discussion on the topic. And in the process of explaining some of the things I ended up articulating the things I did in a very interesting way. Below is the modified one pager that I had given her.

A Modified version of the one pager I gave her :)

Essentially the idea is that I record the transactions as soon as I incur them and using my setup I place these transactions into different buckets. The reporting capability of the app then enables me to do slice dice the data across different timeframes (Entry, Day, Week, Month etc). The tool thus provides an excellent visibility of my expenses.

Now the way I use it essentially involves:
  • Monitor and control the routine expenses.
  • There are some categories where I should be spending more (essentially personal development activities).
  • As I mentioned in my previous post I got my wife to use it. This tool shows potential for becoming a tool for aligning our thoughts on the expense front.
Guess its enough of me & myself and what I did. Lets back to the Director who started using the expense app. Now what really amazing is that she didn’t duplicate my setup. Instead she decided to start small and her setup is perhaps a lot less sophisticated than mine, but something that is surely going to be more  relevant to her life. Her sense of ownership made me feel that what she started would be sustained. And that leaves me that the thought that a less than perfect system that you understand and feel for may end up giving better results than a perfect system that you don’t understand.

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